{"id":24012,"date":"2025-05-15T11:15:58","date_gmt":"2025-05-15T08:15:58","guid":{"rendered":"https:\/\/forklog.com\/en\/fraudulent-marketplace-haowang-shuts-down-following-telegram-channel-blockade\/"},"modified":"2025-05-15T11:15:58","modified_gmt":"2025-05-15T08:15:58","slug":"fraudulent-marketplace-haowang-shuts-down-following-telegram-channel-blockade","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/fraudulent-marketplace-haowang-shuts-down-following-telegram-channel-blockade\/","title":{"rendered":"Fraudulent Marketplace Haowang Shuts Down Following Telegram Channel Blockade"},"content":{"rendered":"<p>The largest illegal online platform, Haowang Guarantee, <a href=\"https:\/\/www.hwdb.la\/annoucement\">announced<\/a> its closure. The decision followed the blocking of &#8220;thousands&#8221; of related channels by the Telegram team.<\/p>\n<p>According to <a href=\"https:\/\/www.elliptic.co\/blog\/xinbi-guarantee\">Elliptic<\/a>, Haowang processed over $27 billion in USDT. The platform operated as a marketplace for the sale of technology, data, and money laundering services, targeting clients in Southeast Asia.<\/p>\n<p>Illegal market operations were conducted using the stablecoin USDH, issued by a &#8220;partner and shareholder&#8221;\u2014the Cambodian conglomerate Huione Group. The &#8220;stablecoin&#8221; allegedly facilitated the circumvention of sanctions.<\/p>\n<p>Earlier, Elliptic analysts had <a href=\"https:\/\/forklog.com\/en\/news\/huione-guarantees-illicit-marketplace-turnover-exceeds-24bn\">described<\/a> the online marketplace as the largest illegal trading platform. Following the publication of the research, the platform attempted to distance itself from Huione Group by rebranding to Haowang.<\/p>\n<p>Simultaneously, Telegram shut down accounts of Xinbi Guarantee, also linked to illegal activities. Elliptic estimates that together these markets processed $35 billion in USDT. Analysts added that they continue to monitor over 30 similar platforms.<\/p>\n<p>In April, the UN <a href=\"https:\/\/forklog.com\/en\/news\/un-expresses-concern-over-money-laundering-via-cryptocurrency-mining\">expressed concern<\/a> over money laundering through mining. According to the <span data-descr=\"United Nations Office on Drugs and Crime\" class=\"old_tooltip\">UNODC<\/span>, Haowang is a central node in the described underground economy.<\/p>\n<p>In May, the <span data-descr=\"Financial Crimes Enforcement Network of the United States\" class=\"old_tooltip\">FinCEN<\/span> <a href=\"https:\/\/forklog.com\/en\/news\/us-moves-to-disconnect-fraudulent-huione-platform-from-banking-system\">identified<\/a> Huione Group as a &#8220;money laundering enterprise&#8221; for $4 billion, including funds linked to the Lazarus hacking group from North Korea. The regulator proposed disconnecting the platform from the American financial system.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The largest illegal online platform, Haowang Guarantee, announced its closure. The decision followed the blocking of &#8220;thousands&#8221; of related channels by the Telegram team. According to Elliptic, Haowang processed over $27 billion in USDT. The platform operated as a marketplace for the sale of technology, data, and money laundering services, targeting clients in Southeast Asia. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":24011,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[44,1535,822,1246],"class_list":["post-24012","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cybercrime","tag-elliptic","tag-marketplace","tag-scammers"],"aioseo_notices":[],"amp_enabled":true,"views":"32","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/24012","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=24012"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/24012\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/24011"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=24012"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=24012"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=24012"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}